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Russian crude oil shipments fell last month by the widest margin since January 2024 as U.S. sanctions began to take effect, according to Bloomberg ship tracking data.
Four-week average volume of crude oil shipped through Russian ports reached 3.58 million barrels per day in the period ending November 2It decreased by 190,000 barrels per day compared to the period ending October 26. The amount of Russian crude stuck at sea because there is no refinery to buy the shipments has risen 8% since the beginning of September, according to Bloomberg data.
On a weekly basis, the value of exports fell 27% in the week ending 2 November compared to the week ending 26 October.
Prices for global benchmark Brent crude oil (BZ=F) fell 1.2% on Tuesday morning, while US benchmark West Texas Intermediate (WTI) crude oil (CL=F) fell more than 1.3%.
Sanctions imposed by the U.S. Treasury Department on Russia’s four largest crude oil producers last year include punitive measures ranging from fines on companies seen to do business with Russian entities to disruption of the U.S. financial system.
China, India and Turkey buy a combined 95% of seaborne cargoes of Russian crude, but refineries in all three countries have been documented pausing their purchases in recent weeks, leading to a surge at the expense of Moscow.
Three refineries in India purchased nearly one million barrels of Russian crude oil per day in the first half of the year. stopped its purchasesAccording to Bloomberg news. in china, Purchase cancellations from two major state-owned refineries This situation is expected to affect up to 45% of China’s imports of Russian barrels.
India is particularly likely to comply with the Treasury’s directives because the Trump administration recently imposed an additional 25% tariff on Indian goods, raising the tariff on India to 50% on the country’s purchase and resale of Russian oil.
